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Streetwear has changed, not passed

If the marketing strategy is not broken, don't fix it

Streetwear has changed, not passed If the marketing strategy is not broken, don't fix it

This year the world of streetwear witnessed moments that will be remembered in time, such as Tiffany's collaboration with Nike, Gucci's with adidas and the multiple developments of the Yeezy case. Just as the entire fashion system seems to have turned its back on logoed trainers and hoodies, they have found a new way to keep the spotlight on them. According to a report by Launchmetrics that takes a close look at the current state of sportswear worldwide, 2022 was a decisive year for the industry, which witnessed the entry of new clientele, new influencers and new themes, as well as an overall media revenue of $185.9 billion.

Analysing the media impact of sportswear brands worldwide, Launchmetrics has compiled a scheme showing the respective MIV (Media Impact Value) of different geographic groups. According to this, the Americas have been growing steadily by 7% year-on-year with a current MIV of $2.7 billion, EMEA by 4%, at $2.2 billion, and China by over 50%, now at $1.8 billion. This substantial growth, for the analytics firm's CEO Michael Jaïs, is dependent on several factors, «such as changing consumer preferences, the increased focus on health and fitness in the post-pandemic world, and the rise of athleisure as a dominant fashion trend,» he explains in the report's presentation. «Sportswear is no longer confined to the realm of performance and sporting activities, but has become seamlessly integrated into everyday clothing due to its functionality, comfort and style.»

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If the sportswear world today has such impressive figures, the credit for this goes to the sneaker market, 43.3% of the entire sector. Having become a mirror of the culture and the world around them, sneakers are now much more than just a functional object, they represent a medium for artistic expression in music and film, as well as a status symbol on a par with luxury accessories. The most recent proof of this is surely the collaboration between Tiffany and Nike, a simple black and turquoise design that brought the brands over $16.7 million in media attention. Added to this strategy of uniting the big names in luxury with the most imprinted athletic brands are the influencers, and more specifically micro influencers, secret marketing weapons with a few thousand followers who are able to draw niches of consumers towards any product. Influencers have existed for centuries, but in this case they differ from traditional ambassadors such as celebrities and the like - the report points out that although they are the ones who generate the highest MIV for sportswear the impact of «All Star Influencers» is declining slightly year on year - as they are more relatable, reaching an average increase in total MIV of 52% over the course of 2022.

The last point raised by the Launchmetrics report projects streetwear into the future by making an important point. Just as in recent years it has added collaborations with renowned luxury brands and hired influencers and celebrities from different types and sectors to stay relevant and increase its value, streetwear will have to pay close attention to its next steps. According to analysis by Launchmetrics, which reports interest in sustainability as only 1% of the MIV of all sportswear, the only way to stay relevant will be to take a greater interest in these issues, whether ethical or environmental, not only because they «align with consumer values, but also improve their overall MIV and overall industry impact.» Many established brands, such as Nike and adidas, have already entered the field, with projects such as End Plastic Waste and Run For The Oceans, respectively, but more will need to be done from here on.